The US$ slide paused during the last 24 hours and it has come to rest at yet another 61.8% fib level. The FX markets now seem to be waiting for Thursday’s ECB meeting so we shall see how this update might impact both the US$ and EUR$. The EUR$ index is sitting right back at the psychological 100 level in the lead up to tonight’s ECB interest rate update. Meanwhile, the NASDAQ keeps marching higher but Gold and Silver have paused, probably in sync with the US$.
USDX:
USDX 4hr: The US$ paused last week up at the 61.8% fib of the last major swing low move and this chart shows that resistance region (highlighted):
The slide down from this resistance has paused for now though BUT where did it pause? At the 61.8% fib of that last swing high move! The same chart as above is now shown with this newer fib zone highlighted. Traders need to watch to see where the US$ goes from this region and tonight’s ECB activity might impact here:
EURX daily: back on the fence at the key 100 level AND note where it bounced up from! The 61.8% fib of the last swing high move!
NASDAQ monthly: trying to break up and away from the 5,200 level. I am expecting this level to be tested again at some time in the not too distant future though:
Gold 4hr: Gold has also respected the 61.8% fib of the recent swing low move and is currently testing this level again:
Oil weekly: this pattern is still playing out for now:
TC Signals: the Kiwi has moved on higher but the other three, all posted yesterday with caveats, have struggled:
NZD/USD 4hr: up 70:
EUR/USD 4hr: this signal is still open but has gone nowhere. The ECB meeting tonight will impact here so I’m waiting until after this event before trading this pair:
GBP/USD 4hr: I’d mentioned this might struggle at the key 1.35 level and….that it has. The signal has now closed off for a loss:
Silver daily: the signal is still open but I’m waiting for any bullish breakout above the trend line:
Other FX: I’d noted in my w/e analysis how I was looking for a pullback on the Yen pairs and most have pulled back to my noted sweet spots. Where to now though?
U/J 4hr: watching for any make or break of the 101.5 and 61.8% fib region:
E/J 4hr: watching for any make or break of the 114 and 61.8% fib region:
A/J 4hr: watching for any make or break of the 50% and/or 61.8% fib region:
GBP/JPY 4hr: watching for any make or break of the 134 and 61.8% fib region:
A/U 4hr: The 0.77 level might be the one to watch for any new make or break activity:
USD/CAD 4hr: I’m still watching this trading channel for any breakout:
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